Adopt Blockchain Technology To Gain A Competitive Edge In Market, Claims Recent Study
According to the latest study by cloud computing giant Oracle, if you’re not utilizing emerging technologies like blockchain, your firm suffers a competitive disability.
The study examined 700 finance and operations managers, and executives, who always apply on-premise and cloud-based services for performance management, enterprise planning, and supply chain metrics.
Oracle’s conclusions point to rising technology, such as blockchain, AI, digital assistants, machine learning, and the internet of things (IoT) devices as crucial technologies organizations must embrace to fight in the coming decade.
“It’s inspiring to see that these technologies have become mainstream: 84% of organizations are using at least one of these,” stated Emma Hitzke, Senior Product Marketing Director at Oracle.
Companies that have embraced these technologies “have grown their annual net profit 80% faster than organizations not investing,” Oracle’s study stated.
Oracle points explicitly to the adoption of the booming Software as a Service (SaaS) product market as a crucial advantage. “These companies want to find the easy way to get to emerging technologies,” so most prefer to purchase pre-built solutions rather than build their own, Hitzke replied.
The market has taken note, as SaaS and cloud stocks reached all-time highs last year. Yet many organizations proceed to disparage these technologies, according to Oracle. The cloud computing company says this could be an expensive mistake, and these businesses run the “risk of falling behind the competition.”
Blockchain applications are especially beneficial for preventing fraud via monitorable and immutable ledgers. “That’s the beauty of blockchain: not only can you trace where each transaction happens, who was a part of the transaction, but it’s also secure—you cannot change it,” Hitzke stated.
Oracle shows how Certified Origin, utilizes blockchain to authenticate the origin and quality of olive oil, a market rampant with fraud.
In finance, the study aims to how the Arab Jordan Investment Bank adopts blockchain to “expedite cross-border money transfers” and “reduce the cost” of payments.
The study stated 83% of organizations that utilize blockchain “expect significant value from blockchain utilization within one year.” And in terms of good returns on investments in blockchain technology, “87% of companies using blockchain not only have achieved, but they have also exceeded ROI expectations,” said Hitzke.